James Gorman, Chairman and CEO of Morgan Stanley, will have less time to boost the bank’s stock price if he wants to reap big profits from his annual bonus.
Credit Suisse may award less in asset-linked bonds to employees for 2012 than it paid out under a similar compensation plan the previous year as part of bonuses.
In May 2007, Standard & Poor’s confirmed its initial AAA ratings on $772m of a collateralized debt obligation known as Octonion I. Within 10 months, the Citigroup deal defaulted, costing investors and the bank almost all their money.
"It's just amazing how Libor fixing can make you that much money," declared one Royal Bank of Scotland trader in 2007. It's also amazing how long senior management at RBS took to fix the bank's Libor controls once the rotten stench emerged.
Tim Geithner, who once said he would not write a book after he left the Treasury Department, is writing a book.
The more than $600 million settlement between the bank and several global regulators for manipulating benchmark interest rates is another glaring example of the financial sector run amok and the head of the CFTC says regulators around the globe need bigger and heavier hammers.
A multistate probe of alleged manipulation of interest rates threatens to leave banks liable for billions of dollars in estimated state and local losses from the scandal, even as they settle with national regulators.
Costs are still key.
A Royal Bank of Scotland trader allegedly colluded with a counterpart at UBS to pay almost $330,000 in bribes to brokers willing to help them manipulate global interest rates, regulators said.
When you look at the fines in context of the bank's revenues, the $612 million in fines looks more like a speeding ticket.
A U.S. federal judge on Friday dismissed a lawsuit by former Lehman Brothers employees seeking to hold onetime CEO Richard Fuld liable for their retirement plan losses as the Wall Street bank plunged into its 2008 bankruptcy.
Mariano Gaut, a 20-year Citigroup veteran who most recently served as the bank's co-head of Latin America capital markets origination, has left the firm, two sources familiar with the situation told IFR.
Barclays has hired Reinhard Koester as a managing director covering specialty finance companies in the United States, according to people familiar with the matter who asked not to be identified because the appointment is not yet public.